| 日時： （Date&Time) |
9月26日（木）午後2時から （Thursday, September 26, 2:00pm〜） |
| 報告者： （Speaker） |
竹田 陽介 （TAKEDA Yosuke） |
| 所属： （Affiliation） |
上智大学経済学部 （Faculty of Economics, Sophia University） |
| 論題： （Topic） |
Welfare Cost of Inflation in an Incomplete Market Model with Idiosyncratic
and Aggregate Risks: Application to the Japanese Economy  |
| 共著者： （Co-author） |
上田 貴子 （UEDA Atsuko） |
| 概要： （Abstract） |
We consider the sluggish Japanese economy in the 1990s as facing an idiosyncratic income risk that motivates precautionary saving, and investigate the welfare cost of inflation in an economy with such risk and aggregate income or unemployment rate fluctuation. Money holding in our model is motivated by self-insurance, different from the transaction motives as in cash-in-advance constraint model. Our simulation result indicates that the Japanese monetary policy in the 1990s generated the welfare cost that is equivalent to changing the real GDP by 0.334%, which is a little smaller than the calculated "shoe-leather cost" (the area of a triangle under the money demand function) equivalent to 0.41% of GDP. The presence of two "hand-to- mouth" agents out of three augments the welfare cost equivalent to 1.141% of GDP. Unemployment spell shortened by two months reduces the welfare cost equivalent to 0.486% of GDP, even without any change in unemployment rate. Aggregate risk in social endowment with almost doubled unemployment rate and duration when recession increases the welfare cost equivalent to at most 0.522% of GDP. |
| 会場： (Place) |
神戸大学経済経営研究所 調査室 （兼松記念館1階） Seminar Room at RIEB (Kanematsu Memorial Hall 1st Floor) |
| 対象： （Intended Audience) |
教官、院生、および同等の知識をお持ちの方 Faculty, graduate students, and people with equivalent knowledge |
| 備考： (Note) |
論文のコピーは開催日の１週間前に研究助成室にご用意いたします。 |